The number of Starbucks coffee shops that flooded the market during the mid-2000s was almost comical. In 2008, there were more than 230 Starbucks stores in New York City, with over 180 just in Manhattan.

There were literally Starbuckses right across the street from each other. As a coffee lover and Starbucks fanboy, I didn't mind.

But rapid expansion and market saturation turned out to be an unsustainable business model, which led to a large number of underperforming stores. As a result, Starbucks brought back former CEO Howard Schultz in 2008, and the company closed a number of U.S. stores and ceased expansion efforts.

Yet half a decade later, Starbucks (Nasdaq: SBUX) is back in full-blown growth mode.

Despite concerns that Starbucks might again be hitting a saturation point, the coffee company is still very much a growth story. Starbucks has a number of growth levers it can pull this time around beyond just rapid store expansion. These include the company's innovation on the food side and its single-serving products, Verismo and Teavana.

With the likes of McDonald's (NYSE: MCD), Tim Horton's and Dunkin' Donuts all fighting for a piece of the market, the competition in the coffee market has increased over the past half-decade -- but Starbucks continues to set itself apart.

For a couple years there, it looked as though Starbucks and its chief rival, Dunkin' Brands (Nasdaq: DNKN), were going to trade in lockstep forever. However, after upgrading its fourth-quarter guidance and announcing its partnership with Danone, Starbucks begin pulling away and appears to be leaving Dunkin' in the dust.